AUD/USD sticks to intraday gains above 0.6900 mark, upside potential seems limited By HareshMenghani AUDUSD Inflation RiskAppetite Fed Currencies
ained its bid tone through the mid-European session and was last seen hovering near the top end of its daily range, around the 0.6915 region.
A significant decline in commodity prices this week seems to have eased fears about the persistent rise in inflationary pressures and boosted investors' sentiment. This was evident from the risk-on impulse across the global equity markets, which, in turn, prompted some selling around the safe-havenThat said, the worsening global economic outlook could keep a lid on any optimistic move in the markets.
The fundamental backdrop makes it prudent to wait for strong follow-through buying before confirming that the AUD/USD pair has formed a near-term bottom and positioning for any further gains. Market participants now look forward to a scheduled speech by St. Louis Fed President James Bullard, which along with second-tier US macro data, might influence the USD.
Friday's US economic docket features the release of the revised Michigan Consumer Sentiment Index and
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